Who Is Beeple & How Has He Sold A Digital Artwork For $70 Million

Who Is Beeple & How Has He Sold A Digital Artwork For $70 Million?

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Digital artist Beeple sold his artwork ‘Everydays: The First 5000 Days’ for just under $70 million, a a record-breaking figure for a digital piece.

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Who Is Beeple & How Has He Sold A Digital Artwork For $70 Million

Digital artist Beeple may have just provided the biggest shake-up to the art world since Banksy introduced street art to the collectors market. But instead of paying millions for physical pieces, collectors might be willing to drop cold hard cash for ownership of exclusively digital art. At least that’s what the record-setting $70 million dollar sale of Beeple’s latest digital piece is conveying.

This isn’t the first time that we have seen the ownership of a digital object be sold through an auction. Some may recall the auction for Jack Dorsey’s first-ever tweet. It may seem ridiculous to own a tweet from someone else’s Twitter account, but thanks to NFT it isn’t impossible. An NFT (Non-Fungible Token) is a certificate that gives one ‘ownership’ of a unique digital item. It doesn’t have to be art as NFTs can be for music, writing, or anything that exists digitally. Think of it as cryptocurrency, but instead of Bitcoin that exists in multiples and thay several people may own, this represents a digital item that may only be owned by a single person to be collected, sold, or traded. Indeed, NFTs are verified on a blockchain, or distributed digital ledger, in the same way that cryptocurrency is.

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While the NFT market has existed for a while, it’s easy to see why so much interest has sparked in the market recently with the record-breaking $70 million dollar (or, more precisely, $69,346,250) sale by Christie’s auction house of Beeple’s Everydays: The First 5000 Days digital art piece. And while this obscene amount of money has been thrown around in the physical art world for decades, many are starting to wonder what this sale could mean for digital art sales in the future.

Is Art The New Crypto-Craze?

The biggest difference between physical art and an NFT is that a physical art piece is simply that, physical. Whether it be made with metal, wood, or paint and brush, there is that element of holding it and seeing it. But truly that is all there really is. Think about it this way: while someone may exclusively own a high-profile one-of-a-kind piece of art, it doesn’t mean that you aren’t able to look up a digital scan of that artwork online. In fact, many famous pieces from highly renowned artists such as Van Gogh are owned by single individuals, but the pieces are heavily documented and shared online for the world to see. So the argument that a digital art piece has less value than a physical piece is easily laid to rest if the market determines otherwise. And in this case, it most certainly has.

Owning art is more than something physical or digital, it can be collectible or an investment, and the worth of that piece is solely determined by what one is willing to spend to obtain ownership of it. This is also how cryptocurrency like Bitcoin has managed to make itself so relevant in the digital age. The value of cryptocurrency is determined by the rules of supply and demand. When investing in cryptocurrency you aren’t getting anything physical to hold until you trade that currency to someone who is willing to give you something physical for it. This is exactly why it is very viable that a digital art piece, or its NFT, could very well be a smart investment for the future. If the demand is there to own the NFT then it will always retain value and therefore create a market.

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Link Source : https://screenrant.com/about-artist-beeple-digital-artwork-nft-70-million-dollars/

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